Bitcoin
A warning of an imminent stock market ‘correction’ suddenly flashed red — as Nvidia, Apple and Tesla retreated
Updated 11/7 below. This post was originally published on July 10th
Stock markets are on the rise after Federal Reserve Chairman Jerome Powell fanned the flames of interest rate cut hopes in September.right after issuing a “critical” warning.
The S&P 500 and Nasdaq hit new all-time highs, following in the footsteps of the Dow, which peaked in May. despite new debt spiral fears unsettling traders.
Now, as uncertainty looms over the White HouseAn analyst has highlighted a surprising warning light in the stock market that has started flashing red.
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ForbesBiden Dropout Odds Suddenly Rise With $230 Million Bet On TrumpBy
Federal Reserve Chairman Jerome Powell helped boost stock markets, with the S&P 500, the … [+] Nasdaq and Dow Jones hit new all-time highs.
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The recent rout in bitcoin and cryptocurrencies, which has wiped $500 billion from the market combined in just over a month, could be about to trigger “an imminent summer correction for the S&P 500,” said Barry Bannister, managing director and chief equity strategist at Stifel. counted Market observation.
Update 11/7: The S&P 500 and indexes fell sharply on Thursday, posting their worst performance since late April, while recent big tech winners — including Nvidia, Apple and Tesla — retreated.
The pullback came after the latest inflation data accelerated expectations for a Federal Reserve interest rate cut in September, with interest rate futures now showing traders see a more than 90% chance the Fed will cut rates by its September meeting, up from about 74% on Wednesday, according to CME Group’s Fedwatch.
“Clearly, the continued downward trend in headline inflation will lend weight to the case for a Fed rate cut, as is widely expected by markets in the fourth quarter of this year,” Adrian Li, managing director at corporate finance consultancy Centrus, said in emailed comments.
“The exact timing of a rate cut remains uncertain, and may ultimately depend on the Fed’s balance of inflation risks versus the perceived risk of higher rates to the continued strength of the U.S. economy. All eyes will now turn to any further indications on the direction of travel ahead of the rate decision later in the month, with the next unemployment and nonfarm payrolls rates not due until early August.”
Bannister highlighted bitcoin’s correlation with stock markets, and specifically the tech-heavy Nasdaq, in recent years.
“It’s the availability of cheap liquidity from the Fed that drives the price of bitcoin,” Bannister said. “Every dovish pivot over the past 13 years has marked a sharp rise in bitcoin, and bitcoin is a non-interest-bearing asset that thrives on lower interest rates and available liquidity” — much like stock markets.
In his second day of testimony before Congress this week, Fed Chairman Powell said he had “some confidence” that inflation was falling but was not ready to declare the war on inflation won.
“Bitcoin has been a good leading indicator for the Nasdaq-100 over the years,” Jonathan Krinsky, chief market technician at BTIG, wrote in a note ahead of the S&P 500, Nasdaq and Dow rally this week.
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The price of bitcoin has fallen sharply in recent weeks, fueling fears that stock markets could follow suit… [+] lower, even as the S&P 500, Nasdaq and Dow hit all-time highs.
Forbes Digital Assets
For now, the momentum is in stocks as investors continue to bet on interest rate cuts from the Federal Reserve.
“Growing confidence in U.S. rate cuts kept the mood upbeat and gains broad-based,” Dan Coatsworth, investment analyst at brokerage AJ Bell, said in emailed comments.
Bitcoin
What to watch for in the markets
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin
Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
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Bitcoin
Here’s the next target for BTC before bulls can hold out for $70K
Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
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